The Finance Sector Union has welcomed the Federal Government’s commitment to expanding Australia’s finance industry as part of measures handed down in tonight’s budget.

FSU continues to advocate for an industry plan that targets growing Australia’s finance sector across the region and the globe, enhancing competition, attracting business and developing employment.

The union welcomed the focus on lifting competition and increasing investment through the lowering of withholding tax; promoting savings through the 50% cut in tax on interest bearing savings; increasing our Superannuation pool of funds and the broader theme articulated by the Treasurer of wanting Australia to become a financial services global leader.

FSU National Secretary, Leon Carter, said “Finance workers across the country will welcome the Government’s budget measures to grow our industry and expand employment opportunities.”

“But we have to have a plan that involves more than just tax concessions. We must make sure that the Government looks to expanding skills and employment in the sector so that we are ready and able to tackle global competition.”

“It is also incumbent on our banks and financial institutions to act in the interest of the community and provide meaningful products and services to support the Government’s initiative and not seek to simply increase their own bottom line.”

“We think the Government is right to look at supporting growth in our finance industry. In return they should be prepared to regulate the industry in the best interests of the community it serves” said Mr. Carter.

A recent survey of the Australian public found that:

90% support stopping offshoring of finance jobs and developing Australian skills
79% support for delinking bank workers’ remuneration from meeting sales targets
80% support requiring interest rates movements to align with RBA decisions
90% support linking CEO and Executive pay to improved customer service and long term business growth
82% support requiring a direct link between fee increases and improved customer service.

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Spokesperson:  Leon Carter, National Secretary, 0409 946 597
Media:   Rod Masson, 0408 374 677